My wife and I just got back from spending three nights at the Hotel Panama.
The staff was very responsive to our email questions before we arrived, and arranged for a car to pick us up at the airport (€52, paid in cash to the hotel on arrival). We arrived at about 10am, and were allowed to check in and even have breakfast. I think we had a "superior" room; for us, there was ample space in the room and the bathroom. It had a balcony, but we didn't use it. My wife and I are not fussy people, so perhaps there are things that would upset others; those "issues" might have been the mattress that was not perfectly flat, and a small leak coming from under the sink (onto the marble floor) - neither of which we complained (or cared) about. Noise was minimal, and certainly didn't bother us. View from the room was just of the building opposite - nothing to write home about, but nothing less than what I expected.
The staff was also very responsive during our stay: they showed us which buses and trams to catch to various destinations, and made calls for us to restaurants and shops to make sure they were open. When I called to ask if the water in the bathroom was drinkable, someone arrived five minutes later with glasses for us. We like to jog in the morning, so the staff pointed us to the park opposite the hotel, which has a pond and forest, and was more than adequate for a nice, early morning run.
Breakfast in the morning was very pleasant and served from 7:30 to 10:30 - so you don't need to drag yourself out of bed too early just to grab a bite to eat. Internet access is available on their public computer.
With regards to the location, count on having to walk about 10-15 minutes to the bus line to catch a 15-30 minute bus ride to places like the Vatican or Colliseum. Or, you can take a taxi (which the hotel will call for you), but count on paying about €7-10 each way. We knew this when we booked the hotel, and decided it was a good trade off for a quite neighborhood opposite a nice park.
Our intention was to spend as little time in the hotel as possible, but be comfortable when we had to be in it - to that extent, we were very happy: the price/comfort ratio is correct. If you're looking for a calm and friendly environment from which to explore Rome (but don't mind being slightly off the beaten path), we have no problem in recommending this hotel.